Zhipu AI raises $5 billion for next-generation GLM development

Zhipu AI (02513.HK) announced it has raised approximately $5 billion, consisting of a $2 billion share placement and $3 billion in convertible bonds. The funds are earmarked for the research and development of next-generation GLM models, self-training systems, and computing infrastructure. The share placement was priced at HK$714, representing a 9.96% discount, while the zero-coupon convertible bonds were issued at 100.5% of their principal value with an initial conversion price of HK$892.50.